Old National Bancorp · NASDAQ:ONB
Old National Bancorp — Q3 2025 Earnings Presentation
29 slides from Old National Bancorp's earnings presentation, Oct 22, 2025
Slide 1: 3rd Quarter 2025 Financial Review
3rd Quarter 2025 Financial Review October 22, 2025
Slide 2: Forward-Looking Statements
Forward-Looking Statements These materials contain certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Act”), Section 27A of the Securities Act of 1933 and Rule 175 promulgated thereunder, and Section 21E of the Securities Exchange Ac
Slide 3: Non-GAAP Financial Measures
Non-GAAP Financial Measures The Company's accounting and reporting policies conform to U.S. generally accepted accounting principles ("GAAP") and general practices within the banking industry. As a supplement to GAAP, the Company provides non-GAAP performance results, which the Company believes are
Slide 4: Key Third-Quarter 2025 Messages
Key Third-Quarter 2025 Messages Successfully completed the core systems conversion for Bremer Bank • Teams are integrated and performing well together in new and existing markets Strong 3Q25 performance • ROATCE1 of 15.9%; 20.1% as adjusted1 • ROAA1 of 1.03%; 1.32% as adjusted1 • Efficiency ratio1 o
Slide 5: Third-Quarter 2025 Highlights
Third-Quarter 2025 Highlights Key Performance Drivers Reported Adjusted1 • Full quarter impact of Bremer acquisition EPS $0.46 $0.59 • Total loan2 growth, excluding Bremer, of 3.1% Net Income $179 $231 annualized • Granular, low-cost, peer-leading deposit franchise Return on Average Assets 1.03% 1.3
Slide 6: Liquid, Well-Capitalized Balance Sheet
Liquid, Well-Capitalized Balance Sheet % Change End of Period Balances 3Q25 2Q25 3Q24 3Q25 vs. 2Q25 3Q25 vs. 3Q24 Available-for-sale securities, at fair value $11,418 $11,005 $7,432 4% 54% Held-to-maturity securities, at amortized cost $2,910 $2,926 $2,969 (1)% (2)% Total loans1 $48,048 $47,980 $36,
Slide 7: Earning Assets
Earning Assets Total Loans1 Total loans1 YoY Up 32% • 3.1% total loan growth annualized, excluding $47,980 $48,048 Bremer $36,463 – Up 0.6% annualized, due to proactive portfolio actions 6.36% – $2.8 billion total commercial production; up 6.16% 6.28% 20% from 2Q25 ◦ 85% floating; avg yield of 6.7%
Slide 8: Quality, Low-Cost Deposit Franchise
Quality, Low-Cost Deposit Franchise Period-End Total Deposits Key Performance Drivers Up 35% Y oY • Period end core deposits up 5.8% annualized; total $54.4 $55.0 deposits up 4.8% annualized $40.8 $5.6 $3.3 $5.7 $3.2 • NIB deposits represent 24% of core deposits $4.2 $1.7 $20.9 $21.9 • Spot rate of
Slide 9: Third-Quarter 2025 Results
Third-Quarter 2025 Results % Change 3Q25 2Q25 3Q24 3Q25 vs. 2Q25 3Q25 vs. 3Q24 Net Interest Income (FTE)1,2 $583 $522 $398 12% 46% Provision for credit losses - excluding CECL Day 1 non-PCD provision expense 27 31 28 (13%) (4%) Provision for credit losses - CECL Day 1 non-PCD provision expense3,4 —
Slide 10: Net Interest Income & Net Interest Margin
Net Interest Income & Net Interest Margin1 1 Net Interest Income Key Performance Drivers $583 • Net interest income1 increase reflective of $522 larger balance sheet and higher asset yields • NIM1 increased 11 bps vs. 2Q25 $398 3.64% • Strong low-cost deposit franchise 3.53% – Total deposit costs of
Slide 11: Noninterest Income
Noninterest Income 3Q25 2Q25 3Q24 Key Performance Drivers Bank Fees $41 $37 $32 • Increases in all line items; reflective of the full quarter impact of Bremer, organic Wealth Fees 40 36 29 growth and record capital markets Mortgage Fees 10 10 8 • 3Q25 mortgage activity – Production2 was $537 million
Slide 12: Noninterest Expense
Noninterest Expense 3Q25 2Q25 3Q24 Key Performance Drivers • Increase driven by full quarter impact of Salaries & Employee Benefits $194 $180 $142 Bremer Occupancy & Equipment 47 43 36 • Adjusted efficiency ratio1 of 48.1% Technology & Communication 41 36 27 Amortization of intangibles 26 20 7 Other
Slide 13: Credit Quality
Credit Quality Asset Quality Net Charge-Offs 1.22% 1.24% 1.23% 0.24% 0.25% 0.19% 0.21% 0.26% 0.30% 0.18% 0.17% 0.16% 3Q24 2Q25 3Q25 3Q24 2Q25 3Q25 30+ Day Delinquency Nonaccrual Loans ONB ONB, excluding PCD Allowance for Credit Losses 1 Key Credit Quality Metrics $13 • NCOs of 17 bps excluding 8 bps
Slide 14: Peer Credit Data
Peer Credit Data 30+ Day Delinquency Net Charge-Offs 0.50% 0.40% 0.40% 0.30% 0.30% 0.20% 0.20% 0.10% 0.10% 0.00% 0.00% (0.10)% FY18 FY19 FY20 FY21 FY22 FY23 FY24 1Q25 2Q25 3Q25 FY18 FY19 FY20 FY21 FY22 FY23 FY24 1Q25 2Q25 3Q25 1 2 1 ONB Peer Average ONB Peer Average Non-Performing Loans Net Charge-O
Slide 15: Strong Capital Position
Strong Capital Position 3Q25 1 2Q25 3Q24 Key Performance Drivers • Strong retained earnings drive capital CET1 capital to RWA 11.02% 10.74% 11.00% • HTM securities pre-tax unrealized losses of $392 million (~$294 million net of tax) Tier 1 capital to RWA 11.49% 11.20% 11.60% • 1.1 million shares of
Slide 16: Net Interest Income Outlook
Net Interest Income Outlook1 Maintaining Neutral Rate Risk Quarterly NII Outlook Position $583 ~ $585 • 59% of loans are variable/floating-rate – 93% reprice within 3 months $522 • ~$7.5 billion fixed-rate loans and securities expected to reprice over NTM • 38% of total deposits are exception priced
Slide 17: Outlook
Outlook 4Q25 Outlook Full-Year 2025 Outlook (vs. Outlook Provided in 1Q25) EOP loans up 4%-5% up 3% - 5%, annualized (excl. Bremer) Unchanged (Including HFS) Net interest income (FTE basis)1 ~$585 million ~$2,080 - $2,090 million Up Noninterest income1 ~$120 million ~$450 - $460 million Up Nonintere
Slide 18: Appendix
Appendix Lo OLD NATIONAL BANCORP’
Slide 19: Diversified Loan Portfolio
Diversified Loan Portfolio CRE Non-Owner Occupied $16.2 billion Office Total Loans 4% $48.0 billion Warehouse Industrial Multifamily 4% 14% Total Loans By State Other 7% MN $10.4 22% Consumer Retail 7% 4% IL 8.5 18% IN 5.5 11% Residential CRE Non- Real Estate Owner WI 4.7 10% 17% Occupied 34% MI 3.0
Slide 20: CRE Non-Owner Occupied Maturities
CRE Non-Owner Occupied Maturities CRE NOO CRE NOO Maturing <18 Mos. Maturing <18 Mos. Current Int. Rate Int. Rate <4% ~2% of Total Loans Office Other $0.9 $5.3 <4% billion >4% billion Multifamily Maturing CRE NOO Loans • Manageable volume of loans subject to refinance risk – Predominantly multifamil
Slide 21: CRE Non Owner Occupied - Office
CRE Non Owner Occupied - Office Our Lending Looks More Like This ...Less Like This • Total office portfolio of $1.9 billion; average loans size is $3.2 million – Largest exposure of ~$60 million • 91% located in bank’s footprint, diversified by submarket • 44% of portfolio is medical office (“MOB”)
Slide 22: CRE Non Owner Occupied - Multifamily
CRE Non Owner Occupied - Multifamily Our Lending Looks More Like This ...Less Like This • Total multifamily portfolio of $6.8 billion; average loans size is $4.9 million – Largest exposure of ~$65 million • 87% located in bank’s footprint • Continued strong demand and rental rates in core markets (I
Slide 23: Granular, Long-Tenured Deposit Base
Granular, Long-Tenured Deposit Base Average Core Account Balance Deposit Highlights • Insured deposits2 >70% of total deposits • Granular low-cost deposit franchise $1.4mm – Top 20 deposit clients represents ~8% of $1.1mm total deposits; weighted average tenure > 24 years; ~70% collateralized or ins
Slide 24: Non-GAAP Reconciliation
Non-GAAP Reconciliation 3Q25 2Q25 3Q24 Net interest income $574.6 $514.8 $391.7 FTE Adjustment 8.0 7.1 6.1 Net interest income (FTE) $582.6 $521.9 $397.9 Add: Fee income 130.5 132.5 94.1 Total revenue (FTE) $713.0 $654.4 $492.0 Less: Provision for credit losses (26.7) (106.8) (28.5) Less: Noninteres
Slide 25: Non-GAAP Reconciliation
Non-GAAP Reconciliation 3Q25 2Q25 3Q24 Noninterest income $130.5 $132.5 $94.1 Less: Debt securities losses 0.0 0.0 0.1 Less: Pension plan gain 0.0 (21.0) 0.0 Adjusted noninterest income $130.5 $111.5 $94.2 Noninterest expense $445.7 $384.8 $272.3 Less: Merger-related charges (69.3) (41.2) (6.9) Less
Slide 26: Non-GAAP Reconciliation
Non-GAAP Reconciliation 3Q25 2Q25 3Q24 Noninterest Expense $445.7 $384.8 $272.3 Less: Intangible amortization (26.2) (19.6) (7.4) Noninterest expense, excluding intangible amortization 419.5 365.2 264.9 Adjustments: Less: Merger-related charges (69.3) (41.2) (6.9) Less: Separation expense 0.0 0.0 (2
Slide 27: Non-GAAP Reconciliation
Non-GAAP Reconciliation 3Q25 2Q25 3Q24 Net income applicable to common shares $178.5 $121.4 $139.8 Add: Intangibles amortization, net of tax 19.6 14.7 5.6 Tangible net income applicable to common shares $198.2 $136.1 $145.4 Total adjustments, net of tax $52.8 $69.4 $7.4 Adjusted net income applicabl
Slide 28: Non-GAAP Reconciliation
Non-GAAP Reconciliation 3Q25 2Q25 3Q24 Shareholders' equity $8,309.3 $8,126.4 $6,367.3 Less: Preferred equity (243.7) (243.7) (243.7) Shareholders' common equity 8,065.6 7,882.7 6,123.6 Less: Goodwill and other intangible assets (2,927.0) (2,944.4) (2,305.1) Tangible shareholders' common equity $5,1
Slide 29: 2025 Peer Group
2025 Peer Group Like-size, publicly-traded financial services companies, serving comparable demographics with comparable services as Old National Bancorp Associated Banc-Corp ASB BOK Financial Corporation BOKF Cadence Bancorporation CADE Columbia Banking System, Inc. COLB Comerica Incorporated CMA F